Massive changes are coming to the federal student loan system starting today, with fewer repayment options for many borrowers and new loan limits for parents, graduate students, part-time students and others.Maura McDermott reports in NEWSDAY that the new rules are part of President Donald Trump’s tax-and-spending legislation, known as the One Big Beautiful Bill Act, approved last year by Congress. They’re expected to have a broad impact on Long Island and across the country, with nearly 43 million Americans holding $1.7 trillion in federal student debt.Federal education officials have said the changes are intended to simplify the student loan system, protect borrowers from excessive debt and reduce the cost of higher education. In congressional testimony in May, Department of Education secretary Linda McMahon called college costs “exorbitant” and said they must be reduced.In many cases, though, student debt experts said borrowers will face higher monthly payments, and the new loan limits could prompt some to take out higher-cost private loans.One of the biggest changes is the replacement of older programs such as the Biden-era Saving on a Valuable Education, or SAVE, plan, which linked monthly payments to income, with the lowest-earning borrowers having their payments reduced to zero.More than 7 million borrowers in the SAVE plan will be notified that they have 90 days to choose one of two new plans, said Michele Zampini, associate vice president for federal policy and advocacy at The Institute for College Access & Success. The new options are the standard plan, which does not take income into consideration, or the income-linked Repayment Assistance Plan, she said. RAP requires payments of up to 10% of a borrower’s adjusted gross income for 30 years.SAVE borrowers who do not apply for RAP will be placed in the standard plan.Even in the RAP plan, a family of four earning the national median income of about $80,000 could see monthly payments spike from $36 under SAVE to $440 under RAP, Zampini said. Two other plans, the Income-Contingent Repayment (ICR) and Pay As You Earn (PAYE) plans, are also being phased out but not until 2028.Other changes that take effect today include a new $20,000 per year and $65,000 lifetime limit on Parent PLUS loans. Previously, parents could borrow up to the full cost of tuition.***The East Hampton Historical Society has spent the past six months restoring the Mulford Farmhouse on James Lane to how the structure looked in 1776, during the American Revolution.Jack Motz reports on 27east.com that in celebration of the semi-quincentennial, the historic structure — part of one of the most significant and intact colonial farmsteads in the nation — will reopen to the public this coming Saturday - the 4th of July.East Hampton Historical Society Executive Director Steve Long said the project was the first comprehensive interior restoration of the historic building since the Historical Society first acquired the structure in 1948.The restoration project was comprehensive and entailed major plaster repair, carpentry and painting. A paint analysis was done about 10 years ago, which first identified the finishes in the various rooms, allowing the Historical Society to recreate the paint from 250 years ago.Mulford Farm, which is listed on the National Register of Historic Places, was originally built in 1680. The farmhouse has been left largely unchanged since the end of the 18th century, with much of the framing and wood beams in the house being left undisturbed.“By modern standards, it’s a tiny little house, but by 18th century standards, it was really one of the most outstanding houses here in East Hampton,” Long said.Those who want to see the new house can take a self-guided tour or a tour with historical society staff. On the tours, they will learn about the eight members of the Mulford family who lived there, according to the 1776 Suffolk County census, and they will learn about the eight enslaved people who lived on the farm.The guided tour will begin on July 4 at 3 p.m. and those interested are asked to meet at Home Sweet Home Museum. Throughout the summer, the Mulford Farmhouse will be open Thursday to Monday, from 11 a.m. to 4 p.m.***The Arts Center at Duck Creek in Springs has announced the return of its Family Night Series, a summer of free arts, music and community programming.Beginning this coming Monday, July 6, and continuing weekly through August 10, Family Night will transform Duck Creek’s East Hampton campus into a lively community gathering space where residents and visitors can enjoy performances, hands-on activities, food and entertainment. Programs take place on Mondays from 5 to 7 p.m. and are free and open to all ages.The series opens July 6 with Goat on a Boat Puppet Theater, a longtime East End favorite known for inspiring creativity through puppetry and interactive workshops. Founder and puppeteer Liz Joyce will serve as host for all six...
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